Nebius Revenue Jumps 571% as Capacity Delays Push Targets Back

Nebius posted $981 million in third-quarter revenue, a 571% year-over-year increase, but delayed computing capacity left its 2026 sales outlook at the low end of its previous range.

Revenue exceeded the $907.5 million market expectation. Nebius shares fell nearly 12% in premarket trading after the results.

The company expects some third-party computing capacity to become available in the first half of 2027. That delay pushes its target of exceeding $7 billion in annual recurring revenue, or ARR, about two months later than planned.

Nebius raised its 2026 capital expenditure outlook from a prior range of $20 billion to $25 billion to about $27 billion. It expects 2027 capital spending to reach $40 billion to $45 billion. The higher spending plan comes as some capacity deliveries shift into next year.

Nvidia has invested in Nebius, an AI cloud provider building computing capacity for customers. The company’s outlook links its revenue and ARR targets to the timing of those capacity deliveries.